Small Business Financing Doubles Capacity

By Lendistry

HARTFORD, CONNECTICUT—Lendistry recently announced that it was proud to help Connecticut Logistics, a veteran-owned business, grow its operations with a new take on revenue-based financing (RBF).
 

After transitioning from manufacturing work due to injury, owner Jason Behmlander earned his commercial driver’s license and used a personal loan to start the business with one truck in 2021. As the industry emerges from what FleetOwner calls the longest freight downturn in a century, this year Behmlander opted to utilize debt again to purchase a second truck, planning to use the added revenue to pay off the loan. As a former Marine, Behmlander says he’s “wired to never quit for any reason.”
 

“The Lendistry program was handy because rates of hire for trucking bottomed out, and when times were slower, the payments were lower,” says Behmlander. “If you use it to create more revenue, the revenue-based model is incredible. It was a force multiplier, paying back the loan with twice the revenue.”
 

Lendistry offers RBF through a special program for “middle mile” carriers. RBF provides a flexible repayment plan that matches carriers’ financing expenses to their income, and the program takes a different approach that can allow small businesses to keep more of their revenue during overperforming months and keep growing.
 

When asked if the choice to transition to freight business ownership was worthwhile, Behmlander asserts, “I’m working twice as much but I’m twice as happy.”
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About Lendistry
 

Lendistry (lendistry.com) is a tech-enabled small businesses lender, grant administrator for private and public agencies, and a trusted resource for undercapitalized entrepreneurs including people of color, veterans, and those in rural communities. Founded in 2015, Lendistry has used technology and community partnerships to deploy over $10 billion in its first ten years. Lendistry was recently named the winner of the Los Angeles Area Chamber of Commerce Corporate Leadership Award, BankRate’s Best Minority-Led Business Lender, and one of American Banker’s Best Places to Work in Fintech. Lendistry has both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications, is an SBA Preferred Lender, and is now the #2 non-bank SBA 7(a) lender in the country. In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry helps business owners achieve their goals and prepare to scale.